[Smelters Actively Procure Domestic Zinc Ore, China TCs Are Expected to Decline in April]: Weekly data showed that the average weekly SMM Zn50 domestic TC fell 200 yuan/mt Zn MoM to 1,350 yuan/mt Zn, while the SMM imported zinc concentrates index fell $12.22/dmt MoM to -$14.5/dmt...

In March, European APT prices surged 30%, driven by persistent supply shortages, widening the price gap with China to over $400/mtu. Tungsten scrap markets saw panic selling mid-month but stabilized toward month-end. China entered a consolidation phase as mining quota were released, yet strong fundamentals point to renewed upside ahead.

This week, after the price spread between the TD price on the Gold Exchange and the SHFE April contract narrowed, it remained stable, but the import window for silver ingots closed, and traders’ imported silver ingot arrivals declined. As month-end approached, coupled with weaker precious metals prices and continued downward adjustments in spot premiums, spot transactions were sluggish, and transaction prices were still mainly concluded through negotiated discounts. As of Thursday, in the Shanghai market, the tradable quote for standard silver ingots against TD premiums was lowered to 50-100 yuan/kg. Suppliers of standard silver ingots still largely held prices firm and were reluctant to sell, while downstream buyers only made just-in-time procurement, and were likewise less willing to stockpile on price dips. Trading in the spot market continued to shrink. Inventory side, spot market consumption continued to weaken this week. Although downstream just-in-time procurement generally involved substantial price negotiations, suppliers held inventory and waited due to costs and other reasons, and social inventory of silver ingots posted a slight cumulative increase. In addition, the import window for silver ingots had basically closed, and both supply and demand in China’s spot silver ingot market declined. Social inventory of silver ingots is expected to see limited growth this week.

[SMM Rare Earth Weekly Review: Rare Earth Prices Pulled Back, Strong Wait-and-See Sentiment Downstream] Affected by news-related factors, the Pr-Nd oxide market saw heightened wait-and-see sentiment among downstream metal plants, and some traders proactively cut prices to boost shipments. As of today, Pr-Nd oxide prices had pulled back to 845,000-850,000 yuan/mt.

[SMM Coking Coal and Coke Daily Brief] Supply side, coking plants maintained normal production, but pre-holiday shipments were weak, inventory pressure gradually increased, and some coking plants accumulated coke inventory. Demand side, end-use consumption of finished steel showed no signs of recovery, steel prices fluctuated downward, steel mill profits were under pressure, market sentiment weakened further, and post-holiday is traditionally the off-season, steel mills had weak production willingness and remained cautious about coke purchasing, mainly purchasing as needed. In summary, the coke market may remain in the doldrums before the holiday.

[SMM Secondary Aluminum Alloy Daily Review] Futures side, the secondary aluminum alloy 2603 contract opened at 22,700 yuan/mt today, then fluctuated downward, with the intraday decline continuing to widen. In the afternoon, the price further dropped to 21,840 yuan/mt, hitting the 7% limit down, essentially erasing all gains since January. Affected by falling precious metal prices and weakening macro expectations for interest rate cuts, market risk appetite saw a significant pullback, and the non-ferrous metals sector overall came under pressure and declined. Spot market side, the SMM ADC12 price today was lowered by 500 yuan/mt to 23,850 yuan/mt. Influenced by the continued weakness in futures, producer offers accelerated their downward adjustments, and the intraday decline noticeably expa

Currently, the overall prices in the rare earth market remain stable. Due to the lack of improvement in end-use demand, downstream magnetic material enterprises are experiencing average order-taking situations, with most companies adopting a just-in-time procurement strategy, and market inquiries are moderate. However, as metal prices have reached a low level, the actual trading volume has improved WoW. Supported by oxide prices, the metal market is unlikely to experience significant downward adjustments in the short term.

[SMM Titanium Spot Cargo Flash Report: Another Price Adjustment Letter Sent, Titanium Sponge Companies Strongly Announce Price Hikes] SMM News on June 17: According to SMM, on June 11, a titanium sponge company raised its offer by another 2,000 yuan/mt. Currently in the market, the offer for Grade 1 titanium sponge stands at 50,000-51,000 yuan/mt, while the offer for Grade 0 titanium sponge stands at 53,000-54,000 yuan/mt.

[SMM Rare Earth Daily Review: Just-in-Time Procurement Dominates, Rare Earth Prices Remain Stable] Currently, the overall price of the rare earth market remains stable. Due to the lack of improvement in end-use demand, the order-taking situation of downstream magnetic material enterprises is average. Most enterprises adopt a just-in-time procurement strategy, and market inquiries are also average. However, as metal prices have reached a low level, the actual trading volume has improved WoW. Influenced by the support of oxide prices, the metal market is unlikely to experience significant downward adjustments in the short term.

[SMM Daily Review: Ferrochrome in the Doldrums, Chrome Ore Prices Decline] June 16, 2025 News: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 7,800-79,000 yuan/mt (50% metal content), unchanged MoM...